DNOW is a distributor of pipe, valves, and fittings (PVF) and related products to the energy and industrial sectors. In November 2025, DNOW completed a merger with MRC Global, roughly doubling its scale to approximately $2.8B in combined FY25 revenue and making DNOW one of the two largest distributors in its space. PVF — the core product — includes pipe, valves, fittings, flanges, and gaskets used to build and maintain the systems that extract, transport, and process oil, gas, and produced water. DNOW serves customers across the full energy value chain: upstream drilling and wellsites, midstream gathering and transmission, gas utilities, and downstream refineries and petrochemical plants. Beyond standard PVF distribution, DNOW offers pumps, valve automation, fabricated process equipment, and rental pumping and water management assets through its Flex Flow, Trojan, and EcoVapor brands — collectively called Process Solutions, which represents roughly 27–31% of U.S. revenue and carries better margins than core distribution. DNOW operates approximately 300 locations globally, with the U.S. as the dominant segment. DNOW's business model is straightforward: buy from manufacturers and resell at a markup, with gross margins consistently running around 22–23%. Profitability is closely tied to energy activity levels and steel commodity price cycles. DNOW's growth priorities include integrating MRC Global and capturing $70M in targeted cost synergies, expanding Process Solutions through acquisitions, growing its midstream exposure, and entering adjacent markets like data center cooling infrastructure.